NBPE Announces June Monthly NAV Estimate & 2H 2024 Dividend Payment
July 17 2024 - 2:00AM
UK Regulatory
NBPE Announces June Monthly NAV Estimate & 2H 2024 Dividend
Payment
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK,
JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH
JURISDICTIONS
NBPE Announces June Monthly NAV Estimate & 2H 2024 Dividend
Payment
17 July 2024
NB Private Equity Partners (NBPE), the $1.3bn1, FTSE
250, listed private equity investment company managed by Neuberger
Berman, today announces its 30 June 2024 monthly NAV estimate.
NAV Highlights (30 June 2024)
- NAV per share was $27.39 (£21.67), a decrease of 0.4% in the
month
- Q1 2024 private valuations up 2.4% on a constant currency
basis; year to date performance offset by quoted holdings and
foreign exchange adjustments
- $386 million of available liquidity at 30 June 2024
- 2H 2024 dividend of $0.47 per share, in-line with the previous
dividend in February 2024. Annualised dividend yield on 30 June
2024 NAV of 3.4%; annualised share price yield is 4.4% based on the
closing share price of £16.70 on 15 July 2024
- 98% of the portfolio valued based on Q1 2024 private valuations
or quoted holdings as of 30 June 2024.2 Q2 2024 private
company valuation information is expected in the coming weeks
|
As of 30 June 2024 |
YTD |
1 Year |
3 years |
5 years |
10 years |
NAV TR (USD)*
Annualised |
(0.8%) |
(0.4%) |
5.3%
1.7% |
73.8%
11.7% |
170.1%
10.4% |
MSCI World TR (USD)*
Annualised |
12.0% |
20.8% |
23.8%
7.4% |
78.8%
12.3% |
153.2%
9.7% |
Share price TR (GBP)*
Annualised |
(1.8%) |
11.7% |
31.1%
9.5% |
75.7%
11.9% |
297.4%
14.8% |
FTSE All-Share TR (GBP)*
Annualised |
7.4% |
13.0% |
23.9%
7.4% |
30.9%
5.5% |
77.8%
5.9% |
*Reflects cumulative returns over the time periods shown and
are not annualised.
Portfolio Update to 30 June 2024
NAV performance during the month driven by:
- 0.2% NAV decrease ($2 million) from the receipt of additional
private company valuation information
- 0.3% NAV decrease ($4 million) from negative FX movements
- 0.2% NAV increase ($3 million) from the value of quoted
holdings (which now constitute 6% of portfolio fair value)
- 0.1% NAV decrease ($2 million) attributable to expense accruals
and changes in the Zero Dividend Preference share (ZDP)
liability
Realisations from the portfolio continue in 2024
- $126 million of realisations received year to date, driven by
previously announced sales of Cotiviti, Melissa & Doug, FV
Hospital and Safefleet as well as partial sales of public stock and
continued realisations from the legacy income investment
portfolio
$72 million invested through 30 June 2024 in new and
follow-on investments
- $25 million invested in FDH Aero, a leading parts distributor
to the aerospace and defense industry
- $38 million invested into two U.S. healthcare businesses,
Benecon and Zeus
- $9 million of additional new and follow on investments
Well positioned to take advantage of investment opportunities
with significant available liquidity at 30 June 2024
- $386 million of available liquidity
– $210 million undrawn credit line and $176 million of cash /
liquid investments
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 June 2024 was
based on the following information:
-
6% of the portfolio was valued as of 30 June 2024
-
2% of the portfolio was valued as of 31 May 2024
-
- 2% in private direct investments
-
92% of the portfolio was valued as of 31 March 2024
-
- 91% in private direct investments
- 1% in private fund investments
2H 2024 Dividend3
NBPE announces the 2H 2024 dividend of $0.47 per share, in-line
with the previous dividend in February 2024. The dividend timetable
is set forth below
|
Distribution amount: |
$0.47 per Share |
|
Ex-dividend date: |
25 July 2024 |
|
Dividend record date: |
26 July 2024 |
|
Final day for Currency Election: |
2 August 2024 |
|
Final day for Dividend Re-investment Plan Election: |
2 August 2024 |
|
Payment date: |
30 August 2024 |
For further information, please contact:
NBPE Investor
Relations +44 (0)
20 3214 9002
Luke
Mason
NBPrivateMarketsIR@nb.com
Kaso Legg Communications +44
(0)20 3995 6673
Charles
Gorman
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as at 30 June
2024)
| Company Name |
Vintage |
Lead Sponsor |
Sector |
Fair Value ($m) |
%
of FV |
| Action |
2020 |
3i |
Consumer |
86.6 |
6.8% |
| Osaic |
2019 |
Reverence
Capital |
Financial
Services |
56.5 |
4.4% |
| Solenis |
2021 |
Platinum
Equity |
Industrials |
54.1 |
4.3% |
|
BeyondTrust |
2018 |
Francisco
Partners |
Technology /
IT |
39.6 |
3.1% |
| Branded Cities
Network |
2017 |
Shamrock
Capital |
Communications
/ Media |
39.2 |
3.1% |
| Monroe
Engineering |
2021 |
AEA
Investors |
Industrials |
36.2 |
2.8% |
| Business
Services Company* |
2017 |
Not
Disclosed |
Business
Services |
35.1 |
2.8% |
| True
Potential |
2022 |
Cinven |
Financial
Services |
34.9 |
2.7% |
| Constellation
Automotive |
2019 |
TDR
Capital |
Business
Services |
32.4 |
2.5% |
| Marquee
Brands |
2014 |
Neuberger
Berman |
Consumer |
31.6 |
2.5% |
| Kroll |
2020 |
Further Global
/ Stone Point |
Financial
Services |
31.4 |
2.5% |
| Staples |
2017 |
Sycamore
Partners |
Business
Services |
30.2 |
2.4% |
| Fortna |
2017 |
THL |
Industrials |
28.7 |
2.3% |
| Viant |
2018 |
JLL
Partners |
Healthcare |
27.1 |
2.1% |
| Stubhub |
2020 |
Neuberger
Berman |
Consumer |
26.4 |
2.1% |
| GFL (NYSE:
GFL) |
2018 |
BC
Partners |
Business
Services |
26.3 |
2.1% |
| FDH Aero |
2024 |
Audax
Group |
Industrials |
25.0 |
2.0% |
| Benecon |
2024 |
TA
Associates |
Healthcare |
25.0 |
2.0% |
| Agiliti |
2019 |
THL |
Healthcare |
25.0 |
2.0% |
|
Engineering |
2020 |
NB Renaissance
/ Bain Capital |
Technology /
IT |
24.8 |
2.0% |
| AutoStore
(OB.AUTO) |
2019 |
THL |
Industrials |
24.5 |
1.9% |
| Addison
Group |
2021 |
Trilantic
Capital Partners |
Business
Services |
23.8 |
1.9% |
| Auctane |
2021 |
Thoma
Bravo |
Technology /
IT |
22.7 |
1.8% |
| Excelitas |
2022 |
AEA
Investors |
Industrials |
21.9 |
1.7% |
| Solace
Systems |
2016 |
Bridge Growth
Partners |
Technology /
IT |
21.2 |
1.7% |
| Qpark |
2017 |
KKR |
Transportation |
20.0 |
1.6% |
| Renaissance
Learning |
2018 |
Francisco
Partners |
Technology /
IT |
19.5 |
1.5% |
| Exact |
2019 |
KKR |
Technology /
IT |
19.1 |
1.5% |
| Bylight |
2017 |
Sagewind
Partners |
Technology /
IT |
18.7 |
1.5% |
| USI |
2017 |
KKR |
Financial
Services |
18.4 |
1.4% |
|
Total Top 30 Investments |
|
|
925.9 |
72.9% |
*Undisclosed company due to confidentiality
provisions.
| Geography |
%
of Portfolio |
| North
America |
74% |
| Europe |
25% |
| Asia / Rest of
World |
1% |
|
Total Portfolio |
100% |
| |
|
| Industry |
%
of Portfolio |
| Consumer /
E-commerce |
22% |
| Tech, Media
& Telecom |
22% |
| Industrials /
Industrial Technology |
17% |
| Financial
Services |
13% |
| Business
Services |
12% |
|
Healthcare |
9% |
| Other |
4% |
| Energy |
1% |
|
Total Portfolio |
100% |
| |
|
| Vintage Year |
%
of Portfolio |
| 2016 &
Earlier |
11% |
| 2017 |
19% |
| 2018 |
14% |
| 2019 |
14% |
| 2020 |
14% |
| 2021 |
16% |
| 2022 |
5% |
| 2023 |
2% |
| 2024 |
5% |
|
Total Portfolio |
100% |
About NB Private Equity Partners
Limited
NBPE invests in direct private equity investments alongside market
leading private equity firms globally. NB Alternatives Advisers LLC
(the “Investment Manager”), an indirect wholly owned subsidiary of
Neuberger Berman Group LLC, is responsible for sourcing, execution
and management of NBPE. The vast majority of direct investments are
made with no management fee / no carried interest payable to
third-party GPs, offering greater fee efficiency than other listed
private equity companies. NBPE seeks capital appreciation through
growth in net asset value over time while paying a bi-annual
dividend.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent
investment manager founded in 1939 with over 2,800 employees in 26
countries. The firm manages $481 billion of equities, fixed income,
private equity, real estate and hedge fund portfolios for global
institutions, advisors and individuals. Neuberger Berman’s
investment philosophy is founded on active management, fundamental
research and engaged ownership. The PRI identified the firm as part
of the Leader’s Group, a designation awarded to fewer than 1% of
investment firms for excellence in environmental, social and
governance practices. Neuberger Berman has been named by Pensions
& Investments as the #1 or #2 Best Place to Work in Money
Management for each of the last ten years (firms with more than
1,000 employees). Visit www.nb.com for more information. Data as of
June 30, 2024.
1 Based on net asset value.
2 One company valued as of 31 May 2024.
3 While the Company declares
dividends in US Dollars, Shareholders will receive Sterling
dividends at the prevailing rate at the time of currency
conversion, unless an election to receive dividends in US Dollars
is made on forms which are available on NBPE’s website prior to the
currency election date listed below. If an investor has previously
elected to receive US Dollars, that election will be used unless
changed. Investors may also participate in a dividend re-investment
plan (forms for which are available on NBPE’s website) if they wish
to increase their shareholdings instead of receiving cash
dividends.
- June 2024 NBPE FactsheetvF
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